By Cary Briel / Briel Computer & Network
Monday, December 3, 2007 2:55 PM EDT
Do you remember all the talk from Partners Trust Bank concerning “local credit decisions” for its customers? The billboards, advertisements, etc? To quote John A. Zawadzki, President and CEO of Partners Trust Bank, from Oct 2006, “We’re that community bank that’s the right size. We can compete very effectively with those large regional banks. We can handle any middle-market business; we can do $20 million to $25 million loans. Simultaneously, Partners has strived to stay local, responsive, and committed to this community.” Well, I suppose all of that’s water under the bridge now, since Partners Trust Bank ($3.7 billion in assets) shareholders have approved acquisition of the bank by M&T Bank ($57.9 billion in assets), with all Partners Trust customers being forcibly converted to M&T. It is reported that Mr. Zawadzki will leave the company once the acquisition is complete. Besides the obvious ramifications of the all-important dollar ruling our lives, I wonder which building in Skaneateles will house the merged banking entity? Obviously the Partners Trust Bank building here is much nicer than the M&T Bank building here. Read about the beginning of the switchover for locals here at syracuse.com.
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